CREDIT ACCEPTANCE CORPORATION

2018-07-06

Houston, TX

Problem with a credit reporting company's investigation into an existing problem

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Was not notified of investigation status or results
Complaint: To Whom It May Concern, The reason for me filing this complaint is due to Credit Acceptance failing to provide proper notice within the required timeframe, and I have evidence of such, via certified mail receipts to substantiate my claim, you must now delete the item from my credit report. The law states failing to post a Notice of Dispute on credit reporting agency accounts is a violation of FCRA
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-07-02

Southern Pnes, NC

Communication tactics

Debt collection: Auto debt

Frequent or repeated calls
Complaint: Credit Acceptance has been calling my wife on the due date of our payment until they receive payment 3 or more times a day. Not only do we pay for our car we pay it and have never missed a payment or slow paid. They charge us up to {$12.00} to make a payment which to me is fraud and its something we were not made aware of when we bought our vehicle. I talked to someone today and Credot Acceptance and they stated they are not a primary lender so they dont have to stop calling. You guys need to do your job and enforce what the trade commission has laid out for these companies. I feel sorry for people who dont make their payment for what they do to them and harass. I was clear on my phone call to them. I stated what the FTC says they can and cant do for collection practices. They more or less said we dont care. We will do what we want. In that case I will too. So Im giving you an opportunity to fix this problem before I take the matter into my own hands.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-29

IN

Managing the loan or lease

Vehicle loan or lease: Loan

Problem with the interest rate
Complaint: I am a XXXX XXXX XXXX Veteran and Because of my illness and how fast the process went when purchasing this vehicle I was unaware that this vehicle would almost double before I could pay it off due to unforeseen interest rates that I was not made aware of when I purchased this car. My credit score was a XXXX and the Interest rate is too high for my credit rating. Now, I can not even afford my own home because my debt to income ratio because of this car is too high. I can't even refinance it for a lower rate because all of the lenders and rejecting me because I owe too much for this car still after paying my note for about 2 years and still owing XXXXon a XXXX XXXXXXXX XXXX. Please help me I am homeless. Also, My name is incorrect on their contract which they have as XXXX my last name is XXXX therefore makes this contract null and void. Which shall show as proof that I did not agree to the high interest rates of credit acceptance. And it was signed using an electronic signature that the dealer asked me to sign agreeing to pay XXXX for the car. I never was presented with the XXXX contract for this car.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-28

NJ

Managing the loan or lease

Vehicle loan or lease: Loan

Problem with fees charged
Complaint: MY NAME IS XXXX, I HAVE BEEN HAVING SEVEAR XXXX ISSUES FOR THE PAST 6 MONTHS AROUND 2 WEEKS AGO I DECIDED TO CONTACT MY CAR LOAN COMPANY XXXX XXXX XXXX XXXX AND ASK FOR HELP WITH A PAYMENT REDUCE OR ANYTHING AT ALL ( HARDSHIP SINCE IM XXXX TO WORK ) I KNEW THEY WERE GON NA BE NO HELP, SINCE I HAVE HAD THE LOAN WITH THEM SINCE XX/XX/XXXX, SO I ASKED THEM WHAT THE PAY OFF WOULD BE AT THIS TIME, WHICH I WAS TOLD {$13000.00}, I WAS REALLY CONFUSED BY THAT #, SINCE THE CAR PRICE WHEN I GOT IT 1 YR AGO WAS XXXX AND I PUT XXXX DOWN, THE XXXX DID NOT INCLUDED TAXES FEES OR INTEREST RATE.I HAVE PAID XXXX TO THIS COMPANY ( CREDIT ACCEPTANCE ) SINCE I GOT THE CAR. LONG STORY SHORT SOMEHOW WHEN THEY DID THE FINANCING PAPERS THEY DOUBLE THE CAR PRICE ( XXXX TURNED INTO XXXX ) REAL PRICE XXXX XXXX OWNER OF THE DEALER AGREES WITH ME ) AND GOT A CHECK FROM CREDIT ACCEPTANCE FOR XXXX WHAT THEY PUT ON PAPER XXXX DOCUMENT XXXX FEE XXXX TAXES XXXX INTEREST 22.9 % ( BRUTAL ) ( WAS NOT TOLD THAT WAS THAT MUCH ) {$5800.00} IN INTEREST ... THE CAR WAS XXXX AND Y PUT DOWN XXXX ... HOW IS THE INTEREST WAY MY THAN WHAT THE CAR COST??? THAT SEEMS TO ME OVER 110 % IN INTEREST ... IS THAT EVEN LEGAL????? I HAVE CONTACTED THEM SEVERAL TIMES ... INVESTIGATION # 1 I WAS ASKED FOR PAPERS TO BACK UP WHAT I WAS TELLING THEM ABOUT THE PRICE BEEN XXXX, OF COURSE I CALLED THE DEALER SPOKE TO THE OWNER, THE OWNER AGREES WITH ME, THAT THE PRICE WAS {$6300.00}, THAT HE HAD NO IDEA WHERE THEY ( CREDIT ACCEPTANCE ) CAME UP WITH {$12000.00} AFTER, BUT THE PAPERWORK WAS PUT AWAYIN STORAGE BECAUSE IS OVER 1 YR, SO HE HAD TO LOOK FOR IT.I CALLED CREDIT ACCEPTANCE ALMOST EVERY DAY TO KEEP THEM INFORMED, AND AWARE OF WHAT WAS HAPPENING WITH ME SENDING THE PAPERS I WAS ASKED, I TOLD THEM THAT XXXX ( THE OWNER OF THE DEALER ) WAS TAKING A LITTLE LONGER DUE TO THE PAPERS BEING SENT TO STORAGE.ON THE 10TH DAY I CALLED CREDIT ACCEPTANCE AND WAS TOLD THAT SINCE I DIDN'T PROVIDE PAPERWORK FOR 10 DAYS THEY CLOSED THE INVESTIGATION AND EVERYTHING WAS GOING TO STAY THE SAME, TO MAKE A PAYMENT OR THE CAR WAS GON NA GET REPO, I ASKED THEM TO SEND ME THE WHOLE INVESTIGATION THEY DID BY MAIL. STILL HAVEN'T GET IT, IT'S BEEN AROUND ANOTHER WEEK WHICH I CALL BACK AND SOMEHOW I WAS ABLE TO GET THEM TO REOPEN THE INVESTIGATION AND GIVE ME MORE TIME WITH THE PAYMENT, I HAVE TILL XX/XX/XXXX BEFORE THEY TAKE THE CAR .I ALSO ASKED TO BE CONTACTED BY SOMEONE HIGHER THAN JUST CUSTOMER SERVICE, STILL WAITING IS BEEN 3 DAYS ( TODAY XX/XX/XXXX ) AT THIS POINT I HAVE ALREADY GOTTEN A LAWYER HE GOT ALL THE PAPERWORK, HE IS LOOKING INTO IT AND I GUESS WE'RE GOING TO HAVE TO GO TO COURT SINCE NOBODY FROM CREDIT ACCEPTANCE SEEMS TO WAN NA COMMUNICATE OR MAKE THIS RIGHT. FOR THR RECORD THE DEALER GOT A CHECK FROM CREDIT ACCEPTANCE FOR {$6300.00}, I GOT THIS INFO FROM THE DEALERS OWNER, HE SHOWED IT TO ME IN THE COMPUTER, AND CREDIT ACCEPTANCE TOLD ME THE SAME NUMBER WHEN I SPOKE TO THEM AND ASKED HOW MUCH THEY PAID THE DEALER. SO RIGHT THERE THERES NO WAY TO EXPLAIN THE {$12000.00} I WAS CHARGED .I AM GON NA ATTACKED THE CONTRACT TO THIS COMPLAIN AS WELL BECAUSE AS FAR AS I KNOW THE DOWN PAYMENT GETS SUBTRACTED OF THE INITIAL PRICE BEFORE ADDING TAXES AND INTEREST, BUT IF WE GO BY THE CONTRACT, ITS NOT THE CASE EATHER XXXX BTW I'M SURE ANYONE THAT READS THIS WONDERS WHY I DIDN'T LOOK AT THE PAPERWORK WHEN I WAS SIGNING TO BEGIN WITH, CREDIT ACCEPTANCE SENT A PERSON THAT WAS GON NA HAVE ME SIGN, THIS PERSON CAME IN WITH A 7 '' BY 4 '' TABLET, THAT WERE I WAS SUPPOSED TO SIGN. THERE WAS NO CONTRACT ON THE SCREEN JUST A PLACE TO INITIAL AND FULL SIGNATURE, TOTALLY MY MISTAKE I TRUSTED THAT IT WAS GON NA BE WHAT WE HAD ALREADY SPOKEN B4, I DID NOT DOUBLE-CHECK ANY PRICING OR INTEREST, AND NO I DID NOT GET A COPY OF IT NEITHER THERE OR BY MAIL. I THOUGHT IT WAS GON NA BE ONE OF THOSE LONG PAPERS THAT HAS SEVERAL COPIES AND THEY GIVE YOU 1 ONCE THE DEAL IS DONE ... .THAT NEVER HAPPENED,,, ,NOT REALLY SMART OF ME, I KNOW, BUT I'M A TRUSTING PERSON, I DID NOT THOUGHT FOR A SECOND THAT THIS WAS GON NA HAPPEN, PROOF OF ME NEVER SEING THE CONTRACT IS THAT TOOK A WHOLE YEAR UNTIL I DECIDE TO PAY OFF THE CAR THAT I REALIZE THE WHOLE CATASTROPHE GOING ON. I REALLY WANT MY VOICE TO BE HEARD MORE THAN ANYTHING AND TO ACTUALLY GET THIS DONE RIGHT BECAUSE IT IS NOT FAIR. IT IS NOT FAIR THAT I AM AS SICK AS I AM, AND HAVE TO DEAL WITH A COMPANY WITH NO PROFESSIONALISM OR COMPASSION WHAT SO EVER .MY IXXXX XXXX IS SHATTERED TO PIECES, WE ALL KNOW WHAT XXXX CAN DO TO AN XXXX XXXX PERSON AND THIS SITUATION IS DEFINITELY NOT HELPING MY HEALTH AT ALL, I EVEN TOLD CREDIT ACCEPTANCE TO TAKE THE CAR AND THAT IT, MIND IT, IF WE DO THE MATH AND CALCULATE THE REAL CAR PRICE XXXX - THE DOWN PAYMENT XXXX - XXXX I HAD PAY THEM SO FAR, LOOKS TO ME THAT I AM THE OWNER OF THIS CAR ALREADY.PLEASSSSSSSSSSEEEEE SOMEONE HELP ME OUT. THANKS IN ADVANCE TO CFPB AND MICHIGAN DEPARTMENT OF ATTORNEY GENERAL FOR ANY HELP GIVEN TO ME RELATED TO MY CASE, BOTH HAVE MY PERMISSION TO MAKE MY COMPLAIN PUBLIC IN THE FUTURE TO MAKE PEOPLE OUT THERE AWARE OF THIS COMPANY AND TWO DOUBLE DOUBLE DOUBLE DOUBLE CHECK WHAT THEY'RE SIGNING EVEN IF THEY COME IN WITH A SMALL LITTLE TABLET THAT YOU CAN SEE NOTHING.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-28

Levittown, PA

Problem with a credit reporting company's investigation into an existing problem

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Problem with personal statement of dispute
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-27

Flint, MI

Struggling to pay your loan

Vehicle loan or lease: Loan

Loan balance remaining after the vehicle is repossessed and sold
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-26

TX

Incorrect information on your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Account information incorrect
Complaint: I financed a vehicle through Credit Acceptance. I week after purchasing, major mechanical damage was discovered, resulting in Cred. Accptnc. to do what they call " pass '' on the vehicle. Pass meaning they were not going to attempt to repossess it due to the extent of the mechanical failures that were present at the time of purchase. The major mechanical issues did not appear until about a week after I had driven the vehicle home. The original seller of the vehicle had reset the fault codes to make the car appear in working condition. After the pass Cred. Accptnc. begin offering a settlement to settle out the account which were twice as much as the vehicles worth. In XX/XX/2017 the vehicle was impacted by Hurricane Harvey. I informed Cred. Accptnc. who then begin to report this on my credit file. The account was sent charged off and reported as such on my credit file. Every month for the past 8-9 months there are inconsistencies with their reporting to credit agencies. The total balance due and past due amounts seem to fluctuate, increasing each month. I contracted XXXX XXXX who informed me that legally once an account is charged off, a creditor is only allowed to charges a specific amount of interest. Cred. Accptnc. has been reporting inaccuracies on an almost monthly basis. I have disputed this account every month for the past 6 months. Each dispute has ended with Cred. Accptnc. having to correct the past/balance due only to report it incorrectly again the following month by adding to my balance/past due amount. I contacted them and asked them to cease from further inaccurate reporting, per the request of XXXX XXXX XXXX, because it is doing major damage to my credit file. Each time it is reported inaccurately it is taking away 68-70 points from my credit score. I spoke with the 3 credit bureaus who advised me to file a complaint with the XXXX and if necessary, take legal action. My credit fluctuates 68-70 points every other month making it almost impossible to stabilize my credit. The credit reporting inaccuracies and inconsistencies have been occurring for quite some time now. The account was reported as charged off several times, the latest being inXX/XX/2017. The law states that creditors can not increase the balances and past due amounts on charged off accounts but are allowed to charge interest but only up to a certain percentage. At the time of the account being reported as charged off in XX/XX/2017 the balance was XXXX. Creditors are required to maintain the charged off amount when reporting plus a limited amount of interest, if any. Once charged off late payment are not to continue to increase due to the charged off status. Credit Acceptance made claims that my balance and past due amount increased on my credit report as more payment is due/became past due, but the amount of the increase that has been/is being reported is inconsistent with the monthly payment amount of XXXX. My balances over the last few months have fluctuated from XXXX, to XXXX, back to XXXX, to XXXX, sometimes changing without a 30 billing period in between. The amounts reported continue to fluctuate up and down and have been more and sometimes less than the amount of the monthly payment.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-23

Miami, FL

Incorrect information on your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Information belongs to someone else
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-22

NC

Managing the loan or lease

Vehicle loan or lease: Loan

Problem with additional products or services purchased with the loan
Complaint: On XX/XX/2018 I purchased a used vehicle from XXXX XXXX XXXX, at XXXX XXXX XXXX XXXX XXXX, XXXX, North Carolina XXXX. The purchase included an extended warranty with XXXX XXXX XXXX XXXX for a term of 24 months or 24,000 miles. On XX/XX/2018 the vehicle started presenting issues ( running hot ) and ceased working, and it was towed to XXXX XXXX. XXXX XXXX was unable to repair the vehicle and it was moved to XXXX XXXX. XXXX XXXX ran diagnostics on the vehicle and discovered the vehicle gaskets were nit working and the motor/engine needed to be replaced. An adjustor from XXXX did visit XXXX XXXX to estimate the damage and XXXX refused to honor the signed contract and pay for repairs on the vehicle.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-21

NC

Incorrect information on your report

Vehicle loan or lease: Loan

Public record information inaccurate
Complaint: I Co signed for a loan with my cousin. She has not made payments. So it falls on me. I have ask Credit Acceptance to send me what I signed and what I owe 2 to 3 times. They have my updated and old address and have never sent me anything. It has been I've 6 months since I requested information. I was not present during the loan process so I never received paperwork. However upon request they have never sent written notice of debt or bill. By law they are suppose to do that. I want loan removed from my credit bc how do I know it's not being taking car of if they don't send proper documentation
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-20

Oxford, GA

Problem with a credit reporting company's investigation into an existing problem

Vehicle loan or lease: Loan

Their investigation did not fix an error on your report
Complaint: I have a loan with XXXX. I have always made my payments on time. For some reason I realized that there was a late payment on my credit report. As you can see, I have always had a stellar payment record with this company. I tried contacting both XXXX, XXXX, XXXX and XXXX with no successful resolution. XXXX, XXXX and XXXX are reporting me late. There was definitely an error on their part. I was never 30 days late XX/XX/2016.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-18

Montevallo, AL

Written notification about debt

Debt collection: Auto debt

Didn't receive notice of right to dispute
Complaint: A company call XXXX XXXX XXXX came onto my private property on XX/XX/2018 and stole my automobile. I did receive any type of notice saying they collecting on a debt. If they take or threaten to take any nonjudicial action ( i.e, without a court order ) to repossess property when there is no present right to possession of the property they is in violation. l did not receive any type of notice asking if they can enter onto my private property and steal my private automobile.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-16

Montevallo, AL

Took or threatened to take negative or legal action

Debt collection: Auto debt

Seized or attempted to seize your property
Complaint: I sent credit acceptance a debt validation letter ( letter attached ) asking for debt validation on XX/XX/XXXX. They received the debt validation letter on XX/XX/XXXX. On XX/XX/XXXX credit acceptance hired a repo company to seize my private automobile on my private property. I did not receive any notices in the mail from the repo company giving me rights to dispute the debt they was collecting on. I also did not receive any documents in the mail from credit acceptance saying the repo company was collecting on a debt and could arrive on my private property.Under the Fair Debt Collection Practices Act, I have the right to request a validation of this debt. I requested that they prove that I am indeed the interested party who is contractually obligated to pay this debt. While i was in dispute credit acceptance sent a repo company to seize my private automobile which is a violation and i highlighted on the debt validation letter attached to cease and desist until they provide proof of an alleged claim.They did not provide proof of their claim and I have attached the documents sent on XX/XX/XXXX ( letter attached ) which was after they seized my private automobile while in dispute. They did not send me copies of the original contract i asked for in the letter and did not provide A copy of the contract that shows that there was an offer made, mutual acceptance, terms and conditions, consideration and the two wet-ink signatures of both parties who have voluntarily entered into a legally binding contract. Also they need to provide proof to the cfpb they are allowed to collect in my state.This company is in violation of FDCPA 805,806,807,808,809.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-14

Mineral Wells, MS

Incorrect information on your report

Vehicle loan or lease: Loan

Information belongs to someone else
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-12

Orion Twp, MI

Getting a loan or lease

Vehicle loan or lease: Loan

Fraudulent loan
Complaint: I recently ( XX/XX/2018 ) tried to apply for an auto loan through my credit union and was denied due to a previous existing auto. Mind you I am a first time car buyer so I was unsure of what account they were referring to. I am not very educated on exactly how credit works outside of the normal usage ( spending lines, purchases, etc ). When I went to pull my credit reports from all three bureaus is when I noticed this problem. From the way the account appears on my reports, I am not the primary account holder but some how I am in a joint bind with another person that I have no knowledge of. I wish to address this matter immediately.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-11

Alpena, MI

Incorrect information on your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Account status incorrect
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-10

Columbia, MO

Managing the loan or lease

Vehicle loan or lease: Loan

Billing problem
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-10

Crystola, CO

Problem with a credit reporting company's investigation into an existing problem

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Their investigation did not fix an error on your report
Complaint: Since Credit Acceptance Corporation ( CAC ) has not enabled a change in my credit report to allow for my mortgage to go thru, my best bet is to file a Chapter XXXX Bankruptcy to clear the course of action in returns to my report which will allow for a twelve month period of no lates or dings in order to go forward in our mortgage attempt. In addition, a company such as CAC has an option to move the payments which became late to the end of the contract instead of increasing the payment from {$470.00} to {$520.00}. This ploy affects my personal budget. My Bankruptcy attorney is XXXX XXXX and he will also serve as attorney for my daughter XXXX XXXX in her Chapter XXXX filing, she as owner of the XXXX XXXX XXXXXXXX XXXX, and me as her co-signer..
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-09

PA

Managing the loan or lease

Vehicle loan or lease: Loan

Problem with the interest rate
Complaint: Credit Acceptance does NOT have a CDCA license in Pennsylvania and therefore legally can not charge 21 % daily simple interest rate in PA. ( attached ) In brief, Pennsylvania law states .... Consumer Discount Company Act : 7 Pa. Stat. Ann. 6203 A lender who wishes to make loans in amounts less than {$25000.00} with interest rates greater than 6 % must be licensed under the CDCA. A licensed lender may make loans that are greater than the rate specified in the maximum interest rate law. ( 7 Pa. Stat. Ann. 6203. ). in the state of Pennsylvania. Pennsylvania has two usury statutes that govern the maximum interest rates that lenders may charge in the state : 1. The Loan Interest and Protection Law ( maximum interest rate law ) ( 41 Pa. Stat. Ann. 201 ). 2. The Pennsylvania Corrupt Organizations Act ( 18 Pa. Cons. Stat. 911 ( h ) ( 1 ) ( iv ) ). In addition, the Consumer Discount Company Act ( CDCA ) requires individuals who wish to make loans of {$25000.00} or less at interest rates higher than 6 % to obtain a license ( 7 Pa. Stat. Ann. 6203 ). The Pennsylvania Attorney General ( PA AG ) enforces the maximum interest rate statute and the Pennsylvania Corrupt Organizations Statute ( 41 Pa. Stat. Ann. 506 ; 18 Pa. Cons. Stat. 911 ( e ) ). The Pennsylvania Department of Banking and Securities enforces the maximum interest rate statute and the CDCA ( 41 Pa. Stat. Ann. 506 ; 7 Pa. Stat. Ann. 6212 ). Maximum Interest Rate Law : 41 Pa. Stat. Ann. 201 Lenders can not charge an annual interest rate greater than 6 % on consumer loans that are : 1. {$50000.00} or less, for secured and collateralized loans. 2. {$35000.00} or less for unsecured and non-collateralized loans. ( 41 Pa. Stat. Ann. 201. ) The 6 % usury rate does not apply to : Business loans ( 41 Pa. Stat. Ann. 201 ( b ) ). Residential mortgage loans ( 41 Pa. Stat. Ann. 301 ). A lender that violates this law : o May be required to pay a {$10000.00} fine for each offense ( 41 Pa. Stat. Ann. 505 ( b ) ). o May face a civil action from the borrower and be required to pay the borrower : three times the amount of the excess interest and charges ( 41 Pa. Stat. Ann. 502 ) ; and attorneys ' fees ( 41 Pa. Stat. Ann. 503. ) o Knowingly and intentionally may face third degree misdemeanor charges ( 41 Pa. Stat. Ann. 505 ( a ) ). Pennsylvania Corrupt Organizations Law : 18 Pa. Cons. Stat. 911 ( h ) ( 1 ) ( iv ) A lender can not charge an annual interest rate of 25 % or more on a loan. A person who violates that provision is considered to have engaged in racketeering activity and may face first degree felony charges. ( 18 Pa. Cons. Stat. 911 ( c ), ( h ) ( 1 ) ( v ). ) I have attached what Credit Acceptances " Simple Interest '' methodology. At the end of the loan i will have paid 189 % interest ontop of the principal. Meaning a XXXX loan I am paying 23K+ which is ghastly for a XX/XX/XXXX XXXX XXXX XXXX. I have asked to refinance, I have asked to pay off early. I was told they are " A second chance loan '' and basically I do not have the same rights as any other civilian who took a " normal '' loan. I feel that Credit Acceptance preys on consumers trying to restore their credit. They state on their website that 52 % of borrowers are a " sublime '' loan group. Hence, they did their research and clearly created a product to lock you in not caring that the vehicles that fall under this program are high mileage and old. The dealer that i bought vehicle thru closed within a week after purchase. Even though he told me my interest was 16.5 %, and after a year I could refinance, and that I could also make extra payments a month to put directly onto principal. This is all denied by Credit Acceptance. I believe the dealer lied to me to make the sale because they knew they were closing and could careless. Granted this is about Credit Acceptance, they are illegally charging high interest rate loans in a deplorable manor. My second complainant with Credit Acceptance is harassment to collect payment under the Telephone Consumer Protection Act. If your payment has not reached their office by their due date. The start to call every phone number they have from a little before XXXX XXXX EST up to XXXX EST seven days a week, multiple times a day with a minimum of 3 calls. One it is illegal to call before XXXX and after XXXX and on Sundays. They have collected on interest, fees.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-08

Finksburg, MD

Incorrect information on your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Account status incorrect
Complaint: I have reached out to Credit Acceptance over 10 times regarding a previous account that I had with them. I had a XXXX XXXX with them that I aquired in 2010. I paid the vehicle off. After I paid the vehicle off a few months later I applied for credit with them again and was told that I had a past due balance of around {$120.00}. I wasn't sure what that balance was for but I promptly paid it. Now when I review my credit score I see that credit acceptance was reporting that account as a collection account. My account was never in collections and they never tried to contact me regarding a balance. They ripped me off and now they are ruining my credit. I will not stop until credit acceptance updates my report to reflect my account paid as agreed.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-06

NJ

Incorrect information on your report

Vehicle loan or lease: Loan

Public record information inaccurate
Complaint: I am a victim of a deceptive unfair trade practice of two car dealers and two banks who sold me vehicles with liens on each and made me liable for two car notes that exceeds my current income. Both vehicles were sold on an as is basis with over 100,000 miles and older models. Both dealers took down payments financing the vehicles for more than what they were worth. I was never shown these vehicles before any loans was finalized.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-05

Northside, NC

Incorrect information on your report

Vehicle loan or lease: Loan

Account information incorrect
Complaint: I have a loan with CREDIT ACCEPTANCE CORPORAT. I have always made my payments on time. For some reason I realized that there was a late payment on my credit report. As you can see, I have always had a stellar payment record with this company. I tried contacting both XXXX and CREDIT ACCEPTANCE CORPORAT with no successful resolution. XXXX only reporting me late. There was definitely an error on their part. I was never 30 days late XX/XX/XXXX and XX/XX/XXXX-XX/XX/XXXX.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-05

Adelanto, CA

False statements or representation

Debt collection: Auto debt

Attempted to collect wrong amount
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-05

Nashville, TN

Managing the loan or lease

Vehicle loan or lease: Lease

Billing problem
Complaint: On XX/XX/XXXX I had a promise to pay credit acceptance XXXX for my car XXXX XXXX XXXX. On XX/XX/XXXX I paid XXXX on XX/XX/XXXX I paid XXXX and on XX/XX/XXXX since the website would not let me make a payment on the XXXX I paid XXXX have my car not paid in full. Well on XX/XX/XXXX I was about to go pick my son up and my car was gone! My car had been repoed. So I called credit acceptance and asked had they repoed my car cuz I paid my Carnot they said they did not have a repo out on my car to call the metro police to see if my car had been repoed. Well I called the police to see and they said yes it has I'm wondering why since last week I paid my car note. So wen I had called credit acceptance back they said my car was repoed since I paid on the XXXX not the XXXX but why would u take my money if I was past the promise to pay date. They also said they could not do anything that I would have to pay XXXX to get my car back and I jus gave them XXXX the week before sucks
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-06-04

Milwaukee, WI

Struggling to pay your loan

Vehicle loan or lease: Loan

Loan balance remaining after the vehicle is repossessed and sold
Complaint: When speaking to a representative within the company during the after purchase of the vehicle it was deemed we were sold a lemon vehicle. The vehicle after one month which was XX/XX/XXXX of owning the vehicle electrical system went out in the vehicle and the car locked anyone out from usage. Secondly once reaching out to the company they told us it was our own problem and that it wasn't covered under warranty, so we got that fixed once fixed the car transmission began going out as well as the engine in the car began giving problems. One time the car shut itself off during a drive and could not be started. This occurredXX/XX/XXXX and when reaching out to the company every time was told its not their problem or fault in fact that they will get their money regardless. On XX/XX/XXXX Was the final incident with the car when it would not start and the entire system locked itself out, we had been having issues over and over with the vehicle with warranties and the company just does not seem to help. The vehicle carried flood damage as well as it carried previous accident problems that was not informed and brought to us. The vehicle was still covered under warranty and still was not offered assistance and the finance company refused to help. When giving the car back not only did the company resale the car for over market value, we were not informed of the sale until a month later which it carried a balance they reported to the credit bureau that we were late. The remaining balance should not be due to the fact the company used the Gap insurance and sold the vehicle well over value, but still wants to collect when there is no need to. We will never do business with credit acceptance again.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response